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Intercontinental Exchange, the owner of the New York Stock Exchange, said on Monday it had agreed to buy broker-tech platform licenser Trayport for $650 million in stock.

Trayport is a unit of GFI Group, which was acquired by BGC Partners in March. Trayport licenses its technology platform to serve brokers for electronic and hybrid trade execution primarily in the European over-the-counter utility markets. Intercontinental Exchange said the transaction will enable it to provide new services to the European OTC energy markets, including European power, natural gas and coal.

London-based Trayport will continue to serve its customers—energy producers and consumers, brokers, exchanges and clearing houses—with its existing technology platform. As part of Intercontinental Exchange, the company said, Trayport will offer customers access to a broader range of risk management and analytics services as the OTC markets evolve. Intercontinental Exchange expects to extend the platform to support the development of energy markets in Asia

“European regulators have made clear that they do not expect OTC gas and power markets to be subject to the mandatory clearing provisions that are being applied to other commodity markets,” said Intercontinental Exchange chief executive Jeffrey Sprecher. “As such, these vital markets will require continued investment as part of the European energy market evolution.”